
Board of Education of Fayette CountyFORM 228S2023 Net Profits Occupational License Tax Return Make check payable to: Fayette County Public Schools (FCPS)Mail to: Fayette County Public Schools Tax.
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How to fill out the KY Form 228-S - Fayette County online
Filling out the KY Form 228-S for Fayette County is an essential process for business owners to report their net profits and comply with local tax regulations. This guide provides easy-to-follow steps for completing the form online, ensuring you provide all necessary information accurately.
Follow the steps to complete the KY Form 228-S online.
- Click ‘Get Form’ button to obtain the form and open it in your editor of choice.
- Fill in the account number, federal ID or social security number, and provide the nature of your business in the specified fields.
- Indicate the date your business started in Fayette County and, if applicable, state when the organization was discontinued.
- In Section A, indicate whether you had employees in Fayette County during the tax year by selecting 'Yes' or 'No'.
- Answer if federal authorities have changed your net income for any prior years. If 'Yes', ensure you attach a schedule of changes.
- Select your business filing status, such as Individual, Partnership, S-Corporation, or Corporation.
- Check the relevant box indicating if this return is initial, final, or amended.
- In Section 1, calculate your adjusted net profit and fill in the calculated amounts on the appropriate lines.
- Complete Section 2 for the calculation of allocation percentage by providing sales and payroll factors as instructed.
- Review all entries for accuracy, and ensure you have attached any required federal forms and schedules.
- Finally, sign the form, include the date, and print the preparer's name and phone number for contact purposes.
- Once all fields are filled out correctly, save the changes, and prepare to download, print, or share the form as needed.
Take proactive steps in managing your tax responsibilities by completing your KY Form 228-S online today.
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What is the income tax rate in Fayette County Kentucky?
Kentucky's individual income tax law is based on the Internal Revenue Code in effect as of December 31, 2021. The tax rate is five (5) percent and allows itemized deductions and certain income reducing deductions as defined in KRS 141.019.
What is the occupational tax in Lexington Fayette County?
Fayette County levies a local occupational license tax at the rate of 2.25% on salaries/wages and business net profits.
What is the corporate income tax rate in Lexington KY?
Kentucky has a 5.00 percent corporate income tax rate. Kentucky has a 6.00 percent state sales tax rate and does not levy any local sales taxes. Kentucky's tax system ranks 18th overall on our 2023 State Business Tax Climate Index.
What is the occupational tax in Kentucky?
For tax periods prior to January 1, 2023, the tax is 1.49% of the gross compensation paid. Beginning January 1, 2023, the tax is 1.65% of the gross compensation paid.
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